Stocks Saw Late Buying, But Gains Couldn't Stick

The major stock averages saw a late flurry of buying Wednesday, but the trend couldn't stick and the market ended mixed.

The S&P 500 edged up a fraction, while the Dow Jones industrial average fell a fraction and the Nasdaq lost 0.4%. Volume barely dipped on the Nasdaq but climbed 16% on the NYSE, according to preliminary data.

On the upside: PVH (PVH), formerly Phillips-Van Heusen, soared 20% in opening trade after announcing it would pay $2.9 billion to acquire Warnaco Group (WRC). The deal is largely a move by PVH to consolidate its hold on the Calvin Klein brand. Warnaco controls the licenses for CK jeans and underwear. PVH also owns the Tommy Hilfiger brand. Warnaco holds other brand licenses, including Speedo and Chaps. Warnaco shares rocketed 39% on the news.

Generac (GNRC) soared 20% in massive volume after the maker of emergency electrical generators reported better-than-expected third-quarter profit and sales. It also raised its full-year guidance. The company stands to benefit from hurricane-related generator sales.

Generac is at a new high and 23% above a 26.95 buy point from a three-weeks-tight pattern.

Beacon Roofing Supply (BECN) also hit a new high, rising 4% in huge trade amid expectations that the destruction wrought by Hurricane Sandy will boost sales for the Peabody, Mass.-based supplier of roofing and building materials.

Eagle Materials (EXP) surged 10% to a six-year high in heavy trade. The maker of wallboard and cement products also stands to benefit from the devastation caused by Sandy.

On the downside: Apple (AAPL) fell 2% in below-average volume, testing its 200-day line. CEO Tim Cook on Monday ousted the executives in charge of the company's retail store operations and the flawed mapping software that replaced Google (GOOG) Maps on iPhones and other mobile devices.

Apple has fallen below its 619.97 buy point and is threatening to close below the 600 mark for the first time in three months. Its Accumulation-Distribution Rating has dropped to a worst-possible E, indicating heavy selling by institutional investors.

Impax Laboratories (IPXL) dived 13% in frantic trade. The stock was off as much as 18% before paring some of its loss. Disappointing Q3 results were to blame: The drugmaker's earnings jumped 85% to 48 cents a share vs. views of 50 cents. Sales climbed 21% to $145.6 million, missing expectations of $164.4 million. The stock fell way more than 8% below a 23.33 buy point from a double-bottom base.

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